Whether you are an independent retailer or an individual working for a large chain of retail outlets, your daily analytics will be crucial for your decisions to have a positive effect on your business. From Dashboard overviews to the granular detail in more complex reports, Diver will steer you through the day-to-day processes of making the correct decisions that will impact your bottom-line.
“A retail customer shared with me that, using operational BI, they were able to identify reduced sales for one SKU, in one store, on a single day. Upon investigation, the manager realized that the related product display was obscured. In isolation, this isn’t a huge issue. However, when multiplied across all stores, all SKUs and throughout the year, it has a tremendous impact upon revenues.”
President Dresner Advisory Services.
Business Intelligence Insights for Retail
You will want to know things like:
- Are my goods on promotion causing an immediate associated uplift in sales?
- Are people buying smaller baskets as a trend or are they delaying for a particular reason – upcoming budget or seasonal for example?
- Are we ensuring that our stock levels match the predicted demand on the relevant days/hours?
- What items are associated with other items and are they placed in the right position in store?
- Am I immediately aware if items are being sold at below the suggested margin?
- What are driver items and what are filler items?
- Are all my outlets performing in the same or different ways?
- Can I compare baskets per FTE per store?
- Should I create special offers on driver items to boost sales of filler items long term?
- Can I determine my sales by trip classifications?
As well as other basics like trading period comparisons of:
- Sales by value
- Sales by volume, cases or items
- Margins by product, category, department store
- No of baskets
- Value per basket
- Top products
- Bottom Products
- ABC analysis of sales & products
- Sales by category and department
- Sales by operator/FTE
- Cost per FTE
- Sales by supplier
- Sales Like-for-Like across all stores
- Sales by floor space
- Stock turns
- POS movements for shelf replenishment
- Hourly/daily trends
- Sales vs projected sales or budget
- What-if scenarios
KPIs at a Glance
You can design KPI screens to hang inside the store offices to motivate staff – an example below for a convenience store.
In addition, as well as your shop based sales you will need to know as much information as you can gather about your customers’ online buying behaviour, in order to suggest cross-sell and up-sell items at the appropriate points of the buying process.
Whether it’s “click and collect” instore collection sales, or online and home delivery, you will want to analyse what happens if you suggest products as alternatives to those selected – with lower price but higher margin for example, or products that have an affinity. If you are out-of-stock of a preferred item can you save the sale by providing an “as good as” substitute?
Are you able to automatically collate online and EPOS sales so that you always know your stock position?
Easy access to all of this information will help you drive how you position yourself online.
Latest Retail Opportunities
The latest trends are for social media purchasing or gifting, as well as mobile purchase and digital coupons.
Are you at a loss as to how to gather and analyse data from all these disparate sources and decipher what is working and what isn’t?
Diver can combine data from a variety of sources and allows you to get to the nitty-gritty of whatever you need to analyse from new and promotional activities.
To read about how Diver has helped solve some real-world data management, governance and analytics problems see Case Studies